GOV.UK
REDSTONE CONVERGED SOLUTIONS LIMITED
Company number: 02027207
Reporting period:
1 February 2018
to 31 July 2018
This report was filed on 18 October 2018
and approved by Steven Williams
Payment statistics
Average time taken to pay invoices: 70 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 38%
- in 61 days or more: 55%
Invoices due but not paid within agreed terms: 83 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
120 days
Standard payment terms
Redstone Converged Solutions Limited operates a strict “supplier approval” procedure in which payment terms are agreed before the supplier set-up is complete. No contractual transactions can occur before the set-up procedure is completed.
Payment terms are negotiated with each individual supplier as referenced above.
Standard payment terms are set at “30 days”, with over 65% of the creditor base set to these terms.
Payments terms agreed with suppliers of cost of sales purchases typically are based on extended terms which range between the standard terms of “30 days” and “end of month 90 days”.
Minimum payment terms across the supplier base is “14 days”.
Maximum payment terms across the supplier base is “end of month 90 days”.
Any changes to the contractually agreed payment terms are agreed by all parties before commencement is effective.
No payment terms have changed during this reporting period.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
120 days refers to "90 days end of month" terms.
Any other information about payment terms
N/A
Dispute resolution process
Payment disputes within Redstone Converged Solutions Limited are primarily resolved by the Senior Purchase Ledger Controller. Two-way communication channels via the telephone and/or email occurs between the supplier and Redstone Converged Solutions Limited during any payment dispute. The Senior Purchase Ledger Controller will interact with internal personnel to resolve queries and disputes in a timely manner and provide continuous communication updates to the supplier.
An escalation channel to the Finance Director is available to the supplier if the supplier has any concerns or experiences delays within the dispute resolution process.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No